If you invest $823 at an interest rate of 3% how much money will you have after nine years

Mathematics

1 answer:

Natalija [7]3 years ago

5 0

Answer:

The total money received after 9 years is $1045 .21.

Step-by-step explanation:

The Principal amount invested = $823

Rate of interest = 3%

The time interval = 9 years

Now, SIMPLE INTEREST = $\frac{P \times R \times T}{100}$

So, here SI = $\frac{823 \times 3 \times 9}{100} = 222.21$

or, Simple Interest = $222.21

Now,as we know AMOUNT = PRINCIPAL + SIMPLE INTEREST

So, A = $823 + $222.21

= $1045 .21

Hence, the total money received after 9 years is $1045 .21.

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